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Council approves TIF bonds and amends tax phase-in for Franklin Street Lofts project
Summary
The Evansville Common Council adopted an ordinance to allow issuance of taxable economic development TIF bonds for the Franklin Lofts project and approved an amended economic revitalization area declaration limiting an 8-year tax abatement to office space while apartments will use TIF financing.
The Evansville Common Council on Jan. 27 voted to allow issuance of taxable economic-development tax increment revenue bonds to support the Franklin Lofts project and approved a related amendment to an economic revitalization area for the same property.
The action authorizes the City to create a TIF allocation area for the Franklin Lofts project and issue taxable TIF bonds whose repayment the developer, not the city, will shoulder. The council also adopted an amended economic revitalization area declaration that narrows an eight-year tax phase-in to Unit 1 (office space) and directs Unit 2 (the apartments) to use TIF financing instead.
Why it matters: The project is a downtown rehabilitation of an L-shaped warehouse that will create 54 market-rate apartment units and retain office space for Heritage Petroleum. City staff described the total private investment at roughly $12 million; outside counsel told the council the bonds are secured by the project and property, not a city obligation.
Nick Siriano, outside counsel, summarized the financing structure and stressed the bonds would be an obligation “of the property and of the project,” not the city. Developer representatives described the rehabilitation work, said each of the 54 apartments will be market rate, and noted the building’s historic timber and 1896 construction.
Pat Hickey of the Evansville Regional Economic Partnership presented the ERA amendment and said the developer has continued investment and that Unit 1’s original investment and employment commitments for the tax phase remain in place. No members of the public spoke against the measures.
Votes at a glance: Ordinance G-20-25-02 (issuance of taxable economic development TIF bonds, Franklin Lofts Project) — roll-call vote: Councilwoman Mosby, Councilman Hieronymus, Councilwoman Carruthers, Councilwoman Kayla Lindsay, Councilman Brinkmeyer, Councilwoman Allen, Councilman Green, Councilman Johnson, Councilman Trockman — 9 ayes, 0 nays; declared adopted. Resolution C-20-25-01 (amending ERA declaration for 306 N. 7th Ave.) — roll-call vote: same 9 ayes, 0 nays; declared adopted.
The council record shows the developer and project team committed to continued private investment and to answering follow-up questions at future meetings. The council did not adopt any additional council-directed conditions beyond those in the ERA amendment and the ordinance authorizing bond issuance.
The council will consider related administrative and permitting matters in subsequent meetings as the project advances.
